3/21/2011 06:03:00 PM
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On Friday Precious Metals complex got support from the authorization of military attacks on Libya which rose the demand for the safe haven assets as investors parked funds in them on concerns of geo – political uncertainty arising due to concerns of a war erupting in the Libyan country. Gold Apr futures on COMEX rose by 0.85% to $1,416.1 per troy ounce on 18 th Mar, 2011 from $1,404.2 per troy ounce on 17th Mar, 2011 while Silver May futures on COMEX also showed strength and rose by 2.34 percent to $35.058 per troy ounce on Friday from $34.258 per troy ounce the prior day. Gold/Silver ratio edged down to 40.39 on 18 th Mar, 2011 from 40.93 on 17th Mar, 2011 indicating more investment demand for the white metal.
Crude oil future on NYMEX erased their gains and shed by 0.35 percent to $101.07 per barrel on 18 th Mar, 2011 form $101.42 per barrel on 17th Mar, 2011. The cease fire on military actions from Libya against rebels pressurized the crude oil futures; however renewed concerns of military action if Libya does not comply with the International community demand supported the futures. Today Crude oil prices will face resistance at $103.10/barrel and $105.1/barrel i.e. at Rs.4,628/barrel and Rs.4,728/barrel in MCX Apr contract while on the lower side prices can take support at $99.60/barrel and $98.10/barrel i.e. at Rs.4,471/barrel and Rs.4,412/barrel in MCX Apr contract.
Zinc prices have resistance at Rs.105.9/kg and Rs.107.2/kg level in MCX March contract and selling can be seen there. While on lower side prices are expected to find support at Rs.103.8/kg and Rs.103.0/kg level.
Nickel prices have resistance at Rs.1,219.50/kg and Rs.1,233.50/kg level in MCX March contract and selling can be seen there. While on lower side prices are expected to take support at Rs.1,181.80/kg and Rs.1,158.10/kg level.
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